The decrease in revenues was due to a reduction in the sale of properties under development, the company revealed, adding that its total assets went up by 1% to $1.8bn (AED6.6bn) from 1.77bn (AED6.5bn) last year.

Amlak explained that the slight increase was mainly a result of the rise in its “real estate investment assets (fair value gain) set off against a decline in real estate finance assets (financing portfolio)”.

The company’s revenue from financing business activities stood at $52m (AED191m) in 2017, 8% less compared to last year's $56.4m (AED207m).

Meanwhile, its revenue from sales of real estate assets recorded a significant decline of 88%, falling to $14.2m (AED52m) from $116.8m (AED429m) in 2016. The decrease was “mainly due to higher sales and transfers of properties under development to customers in 2016”.

Amlak also reported that its fair value gain on investment properties increased from $4.9m (AED18m) to $19.1m (AED70m), owing to the completion of a real estate development in Mirdif.

According to the company, cost rationalisation initiatives across its business contributed to cost savings in 2017, with operating costs falling from $40.6m (AED149m) to $33.2m(AED122m).

Amlak said it is expecting to see continued savings in operating expenses in 2018.

Amlak emphasised that it will continue to develop land parcels to enhance real estate value, in a bid to expedite the fulfillment of its restructuring commitment to financiers and create value for shareholders. Its plans for this year include continuing the infrastructure development project in Nad Al Hamar and a number of plots in Al Ttay.